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Analytics Analysis of metals

Gold and Silver Technical Outlook December 29, 2016

29 December 2016

GOLD (XAUUSD)

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Gold was lower than the trendline yesterday according to our expectations but today it moved higher. We think that XAU/USD is going to extend its upside tendency and there will be no further decline towards 1125,00. The upside tendency becomes stronger and we think XAU/USD will continue to increase. We advise to do nothing today as there is lack of liquidity.

There is the downtrend on the Weekly chart as the price is below the MA55 balance line. The price failed to reach 1100,00 but we think XAU/USD is going to reach this level in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the volumes are low and the situation is risky.

SILVER (XAGUSD)

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Silver is trying to establish an upside tendency. If it continues to grow above 16,24, there will be an opportunity to extend the upside tendency. However, we think that this level is going to be a strong obstacle. We advise to do nothing today as there is lack of liquidity today.

There is no trend on the Weekly chart as the price is close to the Ma55 balance line. There was negative dynamics last week and we think XAG/USD is going to continue its decline in the next couple of days.

There is the uptrend on the Hourly chart as the MA-channel goes upwards and the price is above the MA55 balance line. We advise to avoid trading today as the situation is unclear and it is too risky to open trades.


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